According to The Asahi Shimbun, the Japanese Cabinet approved a record 96.72 trillion yen (US$800 billion) initial general account budget for fiscal 2016, which will slightly reduce debt reliance to 35.6 percent.
The 0.4-percent increase from the initial budget for fiscal 2015 is due mainly to soaring expenditures for social security programs--especially the national pension program and medical services--as well as spending for defense and public works projects.
The draft budget marks the fourth consecutive year of increase.
Given improved corporate business performance, the government will reduce the issuance of new government bonds to the level prior to the 2008 collapse of Lehman Brothers that triggered a global economic downturn.
Spending for social security programs accounts for one-third of the entire general account. It will increase by 440 billion yen, or 1.4 percent, to 32 trillion yen to match an expected rise in the number of elderly people.
Even so, the government kept its promise to keep the increase within 500 billion yen so as not to jeopardize its efforts to regain fiscal health.
In line with Prime Minister Shinzo Abe’s slogan of “Ichioku Sokatsuyaku Shakai” (society which promotes the dynamic engagement of all citizens), an additional 500 billion yen over the fiscal 2015 figure will be earmarked for related programs, bringing the total to 2.4 trillion yen.
For example, spending for child-rearing and nursing care will be increased. Many low-income households will now be eligible for greater assistance in childcare.
Defense spending will increase by 1.5 percent, exceeding 5 trillion yen for the first time, to purchase equipment to counter China’s maritime advances and implement the relocation of a key U.S. military base in Okinawa Prefecture.
The government estimates that its tax revenues will increase 5.6 percent from fiscal 2015 to 57.6 trillion yen in fiscal 2016, the highest level in 25 years.
This will allow for the issuance of new government bonds to decrease by 2.4 trillion yen, or 6.6 percent, to 34.4 trillion yen, falling below the amount of the previous fiscal year for the fourth consecutive year.
The ratio of the debt to the overall budget will still stand at 35.6 percent, although it is 2.7 percentage points lower than fiscal 2015.

According to The Asahi Shimbun, Yubari Melon and Kobe Beef are among the first batch of agricultural products to be given special brand protection status by the government.
The “Geographical Indication Protection System,” introduced in June, aims to protect brands with production methods unique to their region. The system covers agricultural, forestry, fishery and food products.
Seven products were registered on 22 Dec. The others are Tajima Beef from Hyogo Prefecture, Kagoshima Tsubo-zukuri Black Vinegar, Aomori Cassis, Edosaki Squash from Ibaraki Prefecture, and Traditional Authentic Yame Gyokuro tea from Fukuoka Prefecture.
Registration allows producers to sell their products with the government-designated GI Mark.
The system will make it easier for the government to crack down on fake products and punish violators with fines. It will also make it easier for consumers to choose products authentic to the region.
As the system is expected to heighten the popularity of brands with the GI Mark, producers are anticipating increased revenues.
The system created by the World Trade Organization is used in more than 100 countries.
Previously, producers were obliged to take expensive legal action to counter the spread of fake products.
“The new system will serve as a deterrent against fake products,” said an official of the Ministry of Agriculture, Forestry and Fisheries.
In choosing the first group of products for GI registration, the ministry put importance on whether the production method or quality control unique to each region is established rather than the reputation of the item or its history.
In the case of Edosaki Squash produced in Inashiki and Ushiku’s Katsuracho district in Ibaraki Prefecture, producers ship only fully ripened squashes with a soft texture.
“As there are also many other rules, some farmers stopped producing them. But those rules are necessary to maintain the brand,” said an official of an agricultural cooperative, JA Inashiki.
In the case of Aomori Cassis, a fruit grown in the city of Aomori and Higashi-Tsugaru-gun in Aomori Prefecture, the work is labor-intensive. Farmers pick the berries by hand, one at a time so as not to damage them.
“Aomori Cassis is not widely known. But our firm quality control was recognized (by the government),” said Daisuke Ishioka, chairman of the Aomori Cassis no Kai (Group of Aomori Cassis).
The ministry has received applications for GI registration on more than 50 products and plans to screen them at a pace of once a month to add to the list.
Because counterfeiting is rampant overseas, the government plans to enact a new law or revise current laws that would allow it to cooperate with foreign countries that have the same system.

According to The Australian Financial Review today, Melbourne and Sydney have been ranked second and third as favoured markets in 2016 by global property investors in an industry survey.
London remains the market of first choice for the 600 investors – surveyed in Colliers International's 2016 Global Investor Outlook.
New York ranks fourth, when comparing the preferred markets overall for global investors.
John Marasco,Colliers managing director of capital markets and investment services said "Sydney is considered a global gateway city so for investors it ranks up there with New York, London, Singapore and the like in terms of being an attractive destination for investment," he said.
"Melbourne is not far behind, and is seen as a good alternative to Sydney.
"Tenant demand is improving in both Sydney and Melbourne, with rental growth now occurring and vacancy rates reducing. This only adds to the appeal of these markets."
Real estate investment in 2015 is expected to hit a record high. Domestic investors still dominate direct real estate investment.
However one-third of total investment currently comes from offshore. China is now the largest offshore investor in Australian commercial property.
"Right now, Australian investors prefer to invest locally and we see very little investment offshore," Nerida Conisbee, Colliers national research head.
"This is very different from the previous cycle where Australia was the third strongest investor globally.

According to The Asahi Shimbun, a Japanese research team’s discovery of how the sex of crocodiles is determined by identifying a protein that perceives the temperature at which their eggs are raised could help save endangered species.
The findings were published on 18 Dec in British journal Scientific Reports. The study marks the first time a molecule that links temperatures with sex has been identified.
The group, including researchers from the National Institute for Basic Biology (NIBB), already knew that when crocodiles raise their eggs at 33.5 degrees, they all become male, and at 30 degrees they become female. Most tortoises and some lizards develop in the same way.
But how eggs perceive the temperatures that determine the sex had been unknown until now.
Shinichi Miyagawa, 37, an associate professor, said: “The decision of sexes is a root of biodiversity of living creatures. But we wanted to know why the sexes of crocodiles are decided by temperature, which is an unstable factor.
“We have clarified part of the mechanism behind it. The result will be useful for the preservation of species amid growing concern over the effects of global warming.”
The team, also including Ryohei Yatsu, 26, a graduate school student, focused their research on the TRP protein which animals perceive temperatures with.
This led to the finding that a gene, TRPV4, works actively in reproductive glands at around 34 degrees, leading to the development of male crocodiles.
Then, the group administered a medicine which inhibits the effectiveness of TRPV4 to about 90 eggs from wild American alligators, a type of crocodile, and investigated their sexes.
As a result, it found that 45 percent of the eggs with the TRPV4 gene weakened by the medicine became female even when raised at temperatures at which crocodiles usually become male.

According to The Nikkei Asian Review, Australia aims to become an innovative technological powerhouse as its current resource-based economy is buffeted by low commodity prices, Prime Minister Malcolm Turnbull said Friday.
That transition, as well as free trade under the pending Trans-Pacific Partnership pact, will be key to the country's economic future, Turnbull said. He gave multiple speeches and news conferences while in town for talks with Prime Minister Shinzo Abe. The visit to Japan is his first since taking office in September.
​Economic overhaul
Prices of iron ore, coal and other key Australian exports have plummeted of late, knocking industry there. But this was to some extent expected, given China's recent economic deceleration and oversupply of those products, Turnbull said. Instability in commodities markets will continue for some time, he predicted.
Yet even as resource prices continue to slide, Australia's employment and economic growth are strong, Turnbull said. This year will be Australia's "25th year of uninterrupted economic growth, longer than any other advanced economy," he noted. The leader endorsed government forecasts of 2.5% real economic growth this fiscal year.
"There is a lot for Australians to be proud of, there is a lot for those who do business with Australia to be confident in -- our prospects, our future, our dynamism, our economy," he said. "In Australia, we are filled with optimism."
The recently announced National Innovation and Science Agenda will help ensure that Australia "successfully transitions from the resources boom to the ideas boom," Turnbull said. Using technological innovation to spur the development of new industry is one of the most critical tasks facing the country at present, he explained. Australia therefore seeks to emulate and cooperate with Japan to promote tighter links between academia and business, he said.
A number of developing nations have been rattled by the recent U.S. interest rate hike. But the move's effect on Australia has been limited, with the currency there weakening only slightly so far, Turnbull said.

Regional unity
Freer trade under the Trans-Pacific Partnership will benefit all nations involved, Turnbull said. The agreement concluded in October is "a very important step" in bringing down trade barriers in the Asia-Pacific region, he said. "I'm confident the TPP will pass our Parliament."
Australia and other nations also "would welcome a wider agreement," Turnbull noted. "Indonesia has indicated it wants to join the TPP, and I think everyone would welcome that, too."
The leader called for a peaceful resolution to territorial conflicts among China and other nations in the South China Sea, saying that "the only threat to continued economic growth, to continued prosperity, is disorder, is tension, is conflict." Every country in the region, large or small, "should aim to ensure that whatever they do does not exacerbate tensions," he said.
Australia's "fundamental strategic posture" in the Asia-Pacific region remains much the same under Turnbull as under former Prime Minister Tony Abbott, said Peter Drysdale, professor emeritus at Australian National University. Turnbull is pursuing "balanced diplomacy" based on a "subtle understanding of how all parties in Australia and the region -- Japan, China, Korea and so on -- how the structure of their interests is complex," Drysdale said, in a recent interview with The Nikkei.
While Turnbull may not be so bold as to call Japan "Australia's best friend in Asia," as his predecessor did, his visit to the country demonstrated that the tone of bilateral relations remains the same as ever, sources close to the leader say.

According to The Australian Financial Review today, Australia has been ranked as the second-best country in the world for its quality of life by a UN report that assessed economic, education and life-expectancy data.
The nation's "Human Development Index" (HDI) was measured at 0.935 out of a maximum score of one, coming second to Norway and beating Switzerland, which has held on to third place in 2015's annual report.
The top three rankings, Norway, Australia and Switzerland, are unchanged from a year ago.
The score was calculated by crunching data on what the UN says are the "three basic dimensions of human development". They are: life expectancy at birth, mean and expected years of schooling and standard of living, which is measured by gross national income per capita.
Australians can expect to live on average to about 82 1/2 years, have a mean 13 years of schooling and the gross national income per person is $58,618.
And despite Australian women living on average four years longer and spending more time hitting the books, men's average gross national income was significantly higher at $70,620 compared with the woman's average of $46,727.
A steady increase in Australia's HDI has been revealed by the report, with growth averaging 0.32 between 1990 and 2014.
THE UN'S INTERNATIONAL SCORECARD
1. Norway
2. Australia
3. Switzerland
4. Denmark
5. Netherlands
6. Germany
7. Ireland
8. United States
9. tie between Canada and New Zealand
11. Singapore

According to The Australian Financial Review, "robot workers" could lead to a 40 per reduction in low skilled jobs and cut costs for business in half, according to a major report on automation.
Intelligent, learning computers are the next step in automation - several generations ahead of the robots people are used to seeing in factories.
ANZ Banking Group, IBM and Westpac are among large companies moving to embrace robot technology to automate back office, finance and human resources functions as the IT automation market burgeons from just $US183 million in 2013 to $US1.98 billion by 2020.
ANZ's general manager of group hubs, Simen Munter, said they planned to deploy 100 "robots" next year, after running a pilot program across the bank particularly in its finance, human resources and mortgage processing departments.
But Mr Munter and other employers are at pains to argue robot computers will not replace humans but eliminate mundane, routine tasks such as payroll, invoices and closing accounts so that workers can focus on more high-level tasks.
Mr Munter said their pilot program showed that employees who were impacted had improved job satisfaction.
"A lot of people are suspicious but there is a tremendous amount of work which we don't need to do anymore and no one is regretting those advancements."

According to The Asahi Shimbun today, Kyoto University’s iPS research center and Takeda Pharmaceutical Co. are partnering to develop clinical applications of induced pluripotent stem cells to treat patients of diabetes and other diseases, it was announced on 15 Dec.
The project, targeting cancer, heart failure, diabetes mellitus, neuro-degenerative disorders and intractable muscular diseases, aims for clinical applications in five years, three years at the earliest.
Shinya Yamanaka, director of the university’s Centre for iPS Cell Research and Application (CiRA) and a Nobel laureate for his contribution to iPS cell research, said he hopes the tie-up will produce quick results.
“The iPS technology is now 10 years old since iPS cells were completed in 2005,” he said at a news conference in Fujisawa, Kanagawa Prefecture. “We are committed to helping patients and their relatives as soon as we can.”
Takeda will fund 20 billion yen (US$166 million) over a 10-year period, with 30 researchers on each side joining the program.
Six researchers from the university’s centre will head each program at Takeda’s Shonan Research Centre in Fujisawa.
It is aimed at developing treatment for diabetes patients with the use of pancreatic cells made from iPS cells and a drug derived from iPS cells made from cells taken from amyotrophic lateral sclerosis patients to treat the debilitating disease.
The program is also designed to formulate new drugs, drawing on candidate substances in Takeda's possession.

According to The Asahi Shimbun, a start-up company and Japan’s leading airline plan to power aircraft with jet fuel derived from tiny algae to reduce the environmental burden caused by air travel.
Euglena Co., a developer of fuel and other products from euglena, recently announced a tie-up with All Nippon Airways Co. (ANA) to set up an eco-friendly biofuel plant in Yokohama.
A total of 3 billion yen (US$24 million) will be spent to build the plant, which will produce 125 kilolitres of fuel based on euglena, a genus of protists similar to algae, annually.
“We will use our innovative technology to contribute to the world,” Euglena President Mitsuru Izumo said on Dec. 1.
Under the plan, the Yokohama facility will start operations in 2018, and the biofuel will be used for commercial ANA aircraft in 2020 at the earliest.
ANA said it plans to initially use the fuel for short routes, such as flights connecting Haneda Airport in Tokyo and Osaka Airport in Itami, Hyogo Prefecture. A biofuel-powered jet is expected to make a round trip each week.
Euglena photosynthesizes and absorbs carbon dioxide when it grows and proliferates. This gives euglena-derived fuel a distinct green advantage for use in jet aircraft, which require the burning of a huge amount of fuel to operate.
Chiyoda Corp. is expected to design and construct the facility, while Itochu Enex Co. will help Euglena secure non-euglena ingredients for the biofuel.
Isuzu Motors Ltd., which is currently engaged in a joint project with Euglena to develop a bus that runs on euglena-based fuel, will also join the venture.
But production costs for the eco-friendly energy source are still higher than those for ordinary jet fuel.
Euglena and its partners intend to build another plant that will have 400 times the production capacity of Yokohama factory in 2020 or later to lower the price of euglena fuel and increase the green fuel’s competitiveness.
The company is researching and developing ways to promote the proliferation of algae and create fuel from the fat and oil extracted from euglena.
At the Yokohama plant, Euglena will first make biofuel using the fat and oil derived from euglena cultivated on Ishigakijima Island in Okinawa Prefecture, and then mix 10 percent of the algae-derived biofuel into normal jet fuel, or kerosene.

According to The Asahi Shimbun, Dai Nippon Printing Co. said it has developed a film for windows that can double the brightness of a room using natural light while reducing electricity usage by 13 percent.
The film, which is 350 micrometres thick, will go on sale for more than 10,000 yen (US$82) per square meter in January for houses undergoing renovations and offices.
Fine bumps on the film’s interior reflect sunlight to the ceiling, which then disperses the light around the room, according to a DNP official.
DNP researchers conducted experiments after placing the film on the interior side of windows facing north that do not get much sunlight.
They found that the film created twice as much brightness of the rooms. Checking measurements from lighting equipment that automatically adjusts the brightness of rooms, the researchers found the film slashed electricity usage by 13 percent.
The surface of the film is hard, smooth and stain-resistant, making it easy to clean, the company said.
DNP used its technology for anti-reflection film for display screens and other products to develop the window film.
The company is advising customers to let professionals install the film.